Monday, August 8, 2016

U.S. red meat exports ended the first half of 2016 on a positive note, as June export values for both pork and beef were the highest of the year. June also marked the second consecutive month of solid year-over-year volume growth, according to statistics released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

Pork exports reached 187,939 metric tons (mt) in June, up 8 percent from a year ago, while export value increased 11 percent to $505.4 million. For the first half of the year, pork export volume was up 2 percent to 1.1 million mt, but value was down 4 percent to $2.77 billion.

Exports accounted for 26 percent of total pork production in June and 22 percent for muscle cuts only – each up one percentage point from a year ago. For January through June, these ratios were 25 percent and 21 percent, respectively, up slightly from last year. Export value per head slaughtered was $52.83 in June – up 10 percent from a year ago. First-half per-head value was $48.34, down 5 percent.

June beef export volume increased 2 percent from a year ago to 98,920 mt, while export value was $545.4 million, down 5 percent. First-half export volume was up 3 percent to 541,547 mt, while value fell 10 percent to $2.91 billion.

Exports accounted for 13 percent of total beef production in June and 10 percent for muscle cuts only – each down about 1 percentage point from a year ago. For January through June, these ratios were also 13 percent and 10 percent, respectively, steady with last year. Export value per head of fed slaughter was $250 in June and $249.67 for the first half – each down 14 percent from a year ago.

June pork exports to China/Hong Kong remained well ahead of last year’s pace, increasing 84 percent in volume (50,374 mt) and 73 percent in value ($98.8 million). But June volume was the lowest since February, reflecting some cooling of the market. Exports to China/Hong Kong finished the first half 80 percent higher than a year ago in volume (284,900 mt) and 63 percent higher in value ($540.5 million).